Technical analysis for majors (updated daily)

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EUR/USD: C wave unfolding
The EUR/USD pair is consolidating. On the hourly chart there looks like an incomplete A-B-C correction with leg C down about to unfold, and 1.3345 as its downside target. Eventually I see the recent rally recovering and continuing, however, and rising to the upper channel line of the move at 1.3550, as previuosly predicted.

AUD/USD: @ range highs
The aussie has reached the highs of the consolidation range in which it is still bound. RSI has given a sell signal and it is possible it could fall back down now to the range lows at 1.0660. However, there is also a chance it may still have a little higher to go, perhaps up to the 1.0800 level before being resisted. There is no indication of which direction the consolidation will break out from eventually although given the overall trend is up so there is more chance of it breaking higher.

GBP/USD: technical analysis
The price fell below 1.5850/40 support, but then retraced back up, so it currently resides at 1.5850/60 level. Indicators are unclear, suggesting further range consolidation between 1.5900-1.5820 levels. If the range's resistance is breached, we'll be anticipating growth to 1.5950/40. Decline below support will indicate a soon test at 1.5760/50 level. 1.5750/40 level breakout will be a sign of a possible short-term change of sentiment.

USD/JPY: technical analysis
80.00/10 support level halted a decline, so the pair now resides at 80.50/60 level. Indicators are turning "bearish", which can be considered as a sign of further correction and decline to 79.90/60 support. Level 79.30 may be tested too, the price has all chances to fall to 79.00 level, although current decline should be deemed as a correction within the dominating "bullish" trend.

Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

 

[fx4you]

Technical analysis 1st March

EUR/USD: technical analysis
Wednesday's strong move down has reached solid support from the R1 monthly pivot. Whilst it is possible that the sideways move will continue (between 1.3315 and 1.3355) there is a strong possibility the move down has further to go. One way of determining how far might be to use the double top pattern at the highs as a measuring stick. By extending this down we get a target of 1.3240, which is also at the level of a past consolidation zone and would be expected to provide additional support.

GBP/USD: technical analysis
The pair continued to ascend, but was held back by a strong resistance at 1.6000 level and pulled back down to 1.5900. Having reached 1.5900 support, the price now resides at 1.5940/40 level. Indicators suggest uncertainty in the market, which can be a sign of further consolidation between 1.6000 and 1.5900 levels. Market sentiment should change as soon as the price breeches 1.5900 support and retraces to level 1.5820/00. The trend will change only if trading breaches level 1.5750/40. Growth above 1.6000 level is possible, but rather challenging due to the cluster of strong resistance levels. Yet, if the price ascends, the next strong barrier will be found at 1.6090 resistance.

AUD/USD: downside favoured
After reaching new half-yearly highs the aussie posted a key reversal on Wednesday and has started falling. From slightly above the highs of the consolidation range it has been oscillating in it will probably fall back down to the range lows at 1.0660, where the 200 4-hr MA is also situated. After that there is an argument for a bullish recovery – as an elliot 5th wave higher has yet to unfold - but the key reversal has weakened the case for further strength.

USD/JPY: technical analysis
The price failed to breach 80.00/10 support, so it stayed within the range above this level. At the moment trading is carried out at 81.00/10 level. Indicators seem to be turning back to "bullish". However, as long as the price remains below the previous maximum at 81.60/70, further correction with a possibility of another decline to even lower levels - 79.90/60, 79.00, looks to be a high probability. Medium-term bullish trend is still dominating, growth may continue up to 82.20/30 and then to 83.90/84.00 level.

Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts

 

[fx4you]

Technical analysis 19th March

EUR/USD: technical analysis
There has been a correction of the dominant down-trend with a strong spike higher to the 1.3180 level. Although the move higher could continue and reach support and resistance at 1.3240 my preference is for a resumption of the slide down, with a move down targeting the support from both trend-line and pivot at 1.3120/5.

USD/JPY: technical analysis
Earlier forecasts, expecting further growth up to 83.90/95/84.00 price range and then a possible pullback, confirmed. The price was halted by a strong barrier at 84.00/20 level and pulled back to 83.00 level, mentioned earlier as the first support for correction. The price is currently testing 83.00 level. Indicators suggest to expect further decline, most likely to 82.50/60 level in the near future. If, however, this support is breached, the price will most likely correct and fall to 80.60 or even to 79.90/80 level. Should, on the other hand, growth from the current or 82.60/50 level recommence, correction will be formed within 84.00 - 82.60/50 range. In this case ascension to a new local high anytime soon will become possible.

GBP/USD: technical analysis
Forecasts confirmed and trading climbed above 1.5830 level. At the moment we observe another "bullish" attempt to hold above this resistance. The price resides at 1.5840/50 levels, which can be considered as a sign of a possible change of sentiment in the market. Indicators are turning up, saying in favor of this forecast. All eyes now turn at 1.5910/20 resistance level - if the price successfully breaches this barrier and retraces back to the uptrend channel (red lines) sector, market sentiment will turn "bullish" and the price will most likely ascend to 1.5990/1.6000 level. Failure to breach this barrier will push the price back down and give reasons to expect the "bearish" trend to recommence.

Analysis prepared by:
Joaquin Monfort and Arkady Nagiev
Forex4you analysts